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European Lithium ready to explore in hottest gold spot in Australia

Published: 10:40 11 Nov 2020 AEDT

European Lithium Ltd - European Lithium ready to explore in hottest gold spot in Australia
Analysis has identified areas of gold prospectivity and exploration is being planned.

European Lithium Limited (ASX:EUR) (FRA:PF8) (VIE:ELI) is preparing to hit the ground running at a newly granted tenement in Australia’s hottest gold region in Western Australia’s northwest.

The company has secured tenement E47/4144 in a ballot and this highly prospective gold property is in the same region of the Pilbara in which De Grey Mining Limited (ASX:DEG) and Artemis Resources Ltd (ASX:ARV) have had considerable recent success.

Through initial desktop analysis of government data and previous open file statutory reports, the company has identified several areas of prospectivity that continue from known gold occurrences in the immediate area.

With the success of recent gold exploration in the northern Pilbara and continuing strong gold market fundamentals, EUR is confident of the potential presented by the new tenement.

“Buoyed by potential”

EUR chairman Tony Sage said: “The company is buoyed by the potential of these strategic tenements in the established Pilbara Region well known for gold prospectivity.

"We are excited to start our exploration in an area so close to many recent discoveries.”

Preparatory work

Initial Tenement Application Compliance has been completed and the tenement is progressing through the WA Mining Act regulatory application process.

With EUR aiming to explore as soon as possible, the required heritage compliance to allow Native Title Notification to commence will shortly be completed.

Stakeholder engagement is also taking place to negotiate access to areas of existing or intended infrastructure.

Gold opportunity

While EUR remains focused on taking its advanced flagship Wolfsberg Lithium Project in Austria to production in the near-term, serving Europe’s growing need for a self-sufficient battery industry, the company is progressing other opportunities to add value for stakeholders.

The booming gold industry represents such an opportunity, particularly in the Pilbara gold hotspot that is attracting global attention.

Previous discoveries

Previous gold discoveries in the immediate district, particularly in the Nickol River and Weerianna areas, are associated with the Regal formation, Nickol River formation and the Roebourne Group.

A magnetic image of the area.

These comprise a series of greenstone mafic/ultramafic volcanics intercalated at times with sedimentary units including various cherts, BIF, clastic sediments, conglomerates and carbonates some of which have undergone some degree of contact and regional metamorphism.

There has been significant structural deformation associated with the Sholl shear zone and the Regal thrust as well as numerous related splays and faults.

Epigenetic gold mineralisation is found in association with shearing and faulting often in contacts between units around the Regal thrust and splay shears in quartz veins within strongly sheared chlorite serpentine schists.

These settings occur within E47/4144 as extensions to two known mineralised locations in Weerianna and Nickol River with rocks from all three gold-bearing systems present.

Geology of the region within which the new tenement is located.

EUR plans to target exploration along these trends specifically where they intersect structures such as shears in and around the Regal thrust or crests/troughs of folded units for possible reef style formations.

In addition, potential for an extension to the Mt Anketell magnetite deposit exists crossing the southeastern corner of the tenure within the Cleaverville Formation, which hosts Mt Anketell to the north.

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